Hong Kong's HashKey Capital Invests in Terra's Mining Token

Published on by Coindesk | Published on

Terra, the stablecoin and payments network creator, has received an investment from Hong Kong's HashKey Capital, according to a press release.

The investment was not in the form of equity but via the purchase of Terra's Luna, a mining token which trades on Bittrex and Bitrue and is used to maintain the value of the Terra stablecoin.

Terra, which is incorporated in Singapore as Terraform Labs, would not disclose the investment amount.

HashKey did not respond to an email request for clarification.

Company executives say that the investment was related to the Terra's efforts to expand in the region, including China.

"HashKey Capital has a great presence across Asia, especially in Hong Kong and Mainland China, and we look forward to exploring those regions together," said Daniel Shin, cofounder of Terra.

HashKey was founded in 2018 and incorporated a number of entities in Hong Kong last year and early this year, according to the Companies Registry.

According to the Terra press release, HashKey Capital has a "Strategic partnership" with Wanxiang Blockchain Labs, a Shanghai-based company which is funded by China Wanxiang Holdings, an insurance company.

Terra has received a number of investments this year, according to Crunchbase.

The company's seed round was held in August 2018 and attracted 11 investors, while a coin offering was held earlier that same month.